Alien Metals Limited (LON:UFO), a minerals exploration and development company, has announced its unaudited financial results for the six months ended 30 June 2026.
Highlights
- Completed the Munni Munni Platinum-Palladium-Copper-Nickel Project joint venture transaction with GreenTech Metals Limited (ASX: GRE) (“GreenTech”) in February 2026, with Alien retaining a 30% interest free carried through to completion of a bankable feasibility study. Alien also received A$500,000 in cash and 47 million GreenTech shares as consideration for the transaction. Alien continues to hold 37.9 million GreenTech shares, representing approximately 10% of GreenTech’s issued share capital and providing Alien shareholders with exposure to the Whundo Project.
- Significant progress was made at Munni Munni during the Period, including completion of GreenTech’s Phase 1 drilling programme and review of historical exploration data which identified potential mineralisation not captured in the historical Mineral Resource Estimate, including higher-grade PGE zones and under-recognised copper and nickel mineralisation.
- Continued progress at the Elizabeth Hill Silver Project through joint venture partner West Coast Silver Limited (ASX: WCE), including further high-grade drilling results. In April 2026, West Coast Silver announced an inaugural JORC (2012) compliant Mineral Resource Estimate (MRE) for Elizabeth Hill of 2.79Moz silver at 617 g/t Ag, comprising 0.37Moz Indicated and 2.42Moz Inferred.
- Alien holds a 30% interest in Elizabeth Hill and holds 30.5 million shares in West Coast Silver (representing an approximate 8.7% interest in the issued share capital of West Coast Silver).
- The Group’s iron ore portfolio continues to be led by the 90%-owned Hancock Iron Ore Project in the Pilbara, which hosts a JORC-compliant Mineral Resource of 8.4Mt at approximately 60% Fe and a maiden Ore Reserve of 1.9Mt at approximately 60.3% Fe.
- Following a review of funding alternatives for the Pilbara Iron Ore Portfolio, the Board recognised a US$6.7 million non-cash impairment against the Hancock Project for the six months ended 30 June 2026, subject to review as part of the annual audit.
Post-Period highlights
- In July 2026, Alien completed the acquisition of 100% of Knox Resources Pty Ltd, holder of the Georgina Basin Iron-Oxide Copper-Gold Project in the Northern Territory, Australia, adding approximately 2,500 km² of prospective tenure to the Group’s Australian exploration portfolio.
- West Coast Silver raising A$6.0 million in September 2026 will support further drilling and the completion of a Scoping Study on the Elizabeth Hill Project.
Michael Carter, Non-Executive Chairman of Alien Metals, commented:
“The first half of 2026 saw important progress across Alien’s portfolio, including the completion of the Munni Munni joint venture with GreenTech and the announcement of the inaugural MRE for the Elizabeth Hill Project.
“At Munni Munni, the joint venture structure provides Alien with continued exposure through our retained 30% interest while substantially reducing our direct funding requirements. GreenTech has advanced drilling and technical work aimed at updating the historical resource and assessing the broader PGE, copper and nickel potential of the project.
“Elizabeth Hill also delivered significant progress during the Period, culminating in the announcement of an inaugural JORC (2012)-compliant Mineral Resource Estimate of 2.79 million ounces of silver at 617 g/t Ag. Ongoing drilling and geophysical work continue to assess the broader exploration potential of this high-grade silver system.
“Following the Period end, the acquisition of the Georgina Basin copper-gold project has further broadened Alien’s Australian portfolio and provides exposure to a large-scale IOCG exploration opportunity.
“The Board remains focused on disciplined capital allocation, advancing the Group’s existing assets and pursuing opportunities that have the potential to enhance long-term value for shareholders.”
